The reports are based on data released on the last full week of each month by Metrolist. The numbers in the reports are adjusted for the number of weeks in each month.
Both average and median prices are records. The median price is less likely to be skewed by a few big sales, so it is often considered a better indicator of the direction of the market than the average price.
"The average and median prices for condos/townhomes were up in comparison to last year, but this is somewhat skewed by the fact there were 43 sales in downtown Denver that sold for an average of just under $409,000," says McGuire. "When compared to 2003, there were 32 sales in downtown at an average of only $330,453," McGuire adds. "This is a nearly 24% increase. So this explains some of the price increase. We will continue to track this situation and see if it becomes a trend."
The average price of a single family home sold was $283,134, which is almost $5,000 below the record set last August. Bauer notes that the average list price of a condo is $201,643 and the average list price of a single-family, detached home is $357,261. The monthly price increases continue to be the result of the mix of homes closed and does not represent a trend, Bauer says.
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